Pier 70 IFD & IRFD Request Recommendation Capital Planning - - PowerPoint PPT Presentation

Pier 70 IFD & IRFD

Request Recommendation

Capital Planning Committee 11.13.17

Project Overview under SUD

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• Open Space:

9 acres

• Retail, Arts + Light

Industrial: 480,000–486,000 gsf

• Commercial Office:

1.1M – 1.75M gsf

• Residential:

1,645 – 3, 025 units

Public Benefits

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Affordable Housing Sea Level Rise Protections Transportation Improvements Economic Access & Diversity Parks & Open Space Retail, Arts & Light Industrial

Historic Rehab

Community Facilities

Noonan Tenants/ Arts Building

$260.5 M of Infrastructure Improvements

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Phase 1

• $140 million

Phase 2

• $74 million

Phase 3

• $46 million

IFD - Tax Increment Growth

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IFD

• Local & state tax increment
• 92% to 28-Acre facilities
• 8% to other Pier 70 needs;

Port and BOS decide allocation later

• After Project needs, to fund

seawall & sea level rise

• General Fund and Harbor

Fund protected

IRFD

• Affordable housing
• Remainder to General Fund

Infrastructure Financing District Infrastructure Revitalization Financing District

IFP Subdistricts G-2, G-3, G-4 (Port IFD #2)

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Pier 70 SUD Infrastructure Improvements Total $260.5 million Other Pier 70 Improvements

Funding for Other Pier 70 Improvements is estimated at $24 million, which is less than the total cost of eligible projects.

IFP Subdistricts G-2, G-3, G-4 (Port IFD #2)

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470+ Units of Affordable Housing - IRFD

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Condominium – 28% In Lieu Fee 100% Affordable 20% Inclusionary

20% inclusionary units in rental buildings Three 100% affordable housing parcels Generates gap funding for affordable housing:

• Tax increment from

Hoedown Yard

• Jobs Housing Linkage

Fees from office development

• In lieu fees from condo

projects

IFP IRFD #2 (Hoedown Yard)

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Project Produces Net Fiscal Benefits to the General Fund

Fiscal Benefits

• $8M new

annual revenues to General Fund

• CFD

Maintenance Taxes $2.5 annually

• $184M

Impact Fees

Economic Benefits

• $2B construction

activity

• 17k construction

jobs

• 11.4k new

permanent jobs

• 2k new

residential units

Port Financial Benefits

• $178M from

development and ongoing leasing (2017$)

Public Access Facilities

• Parks and

Open Space

• Pedestrian

Connections

• Bicycle

Networks

Other Public Benefits

• Urban

Revitalization

• Historic

Preservation

• Affordable

Housing

• Sea Level Rise

Protections

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Legislation Establishing Districts & Authorizing Bond Issuance

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IFD Ordinance establishing Sub-Project Area G-2, Sub-Project Area G-3 and Sub-Project Area G-4

• f City and County of San Francisco

Infrastructure Financing District No. 2 (Port of San Francisco) Resolution Authorizing Issuance of Bonds - Not to Exceed $273,900,000, $196,100,000 and $323,300,000 for Sub-Project Area G-2, Sub- Project Area G-3 and Sub-Project Area G-4, respectively, of City and County of San Francisco Infrastructure Financing District No. 2 (Port of San Francisco) IRFD Resolution calling special election for City and County of San Francisco Infrastructure and Revitalization Financing District No. 2 (Hoedown Yard) Resolution proposing adoption of infrastructure financing plan and formation of City and County of San Francisco Infrastructure and Revitalization Financing District No. 2 (Hoedown Yard); and providing for future annexation Resolution approving infrastructure financing plan for City and County of San Francisco Infrastructure and Revitalization Financing District No. 2 (Hoedown Yard) Resolution declaring results of special elections for City and County of San Francisco Infrastructure and Revitalization Financing District No. 2 (Hoedown Yard) Ordinance creating City and County of San Francisco Infrastructure and Revitalization Financing District No. 2 (Hoedown Yard) and adopting an Infrastructure Financing Plan for such district Resolution authorizing issuance of bonds for City and County of San Francisco Infrastructure and Revitalization Financing District No. 2 (Hoedown Yard) therein in an aggregate principal amount not to exceed $91.9 million

The steps to form the IRFD are more involved due to the need for a landowner election. PG&E

• wns the Hoedown Yard.